G8 Education on track

GEM has taken strong steps to improve its relationship with investors and we’re happy with the direction.

Following a strong share price run and an announcement on funding at childcare operator G8 Education (GEM), we believe the company remains on track to continue to deliver a strong income stream and healthy profit growth. The company has taken a number of steps in recent months to assist the reputation of the business, including the appointment of new auditors, a new chairman, and a new non-executive director. These initiatives are welcomed and will go some way to re-establishing market trust in the underlying business. In addition to this, the company has also announced that it will refinance $S260 million of its fixed rate notes. While it may seem a sideways step in progress to refinancing debt back to Australian dollars, this will also add a call option to the notes, and that is considered a more favourable term for GEM equity holders.

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